Arvind to acquire British brand rights
Indian textile and apparel company Arvind Lifestyle plans to acquire the rights and stores of British brands Debenhams, Nautica and Next from Planet Retail.
Arvind Lifestyle is said to be in talks with Planet Retail for the acquisition of the three British brands, said a source close to the development.
“Arvind is doing due diligence to take over operations of Next, Debenhams and Nautica, and a deal could be clinched shortly,” said the source.
The acquisition will expand the brand portfolio of Arvind Lifestyle which currently holds the rights to Arrow, US Polo, Gant, Flying Machine, Elle and Izod.
The planned acquisition comes on the heels of Debenhams and Next’s diligence to seek new partnerships in India. The two British brands has been in India five years ago, however, only few stores have been opened which made the two retailers not keen to renew partnership with Planet Retail.
“These are top brands and with the right partner they can be revived in India. Considering they have a miniscule presence, the brand has not been exposed in a big way to Indian consumers yet. This means that not much will have to be undone by a new partner,” said Arvind Singhal, chairman, Technopak Advisors.
American brand Guess has also cut its ties with Planet Retail recently and partnered with company Major Brands whose portfolio includes Mango, Bebe, Aldo, Charles and Keith and La Senza.